Utah is poised to become the first state in the U.S. to create a Bitcoin reserve. The state has a quick 45-day legislative calendar, which encourages lawmakers to act fast. This gives Utah an advantage over other states in adopting Bitcoin.
Dennis Porter, CEO of the Satoshi Action Fund, believes Utah is leading in this effort. He highlights the state’s digital asset task force, which works year-round. This task force allows for ongoing planning and strategizing, even when the legislature is not in session. When the legislative calendar resumes, these plans can move forward quickly.
Many states across the U.S. are looking into Bitcoin reserves. Former President Trump also advocated for a national reserve, but his efforts fell short. The competition between states and federal initiatives is growing, but Porter sees Utah as the frontrunner.
In an interview with Senator Cynthia Lummis, Porter stated, “There’s a strong chance Utah will be the first.” He noted that Utah’s short legislative calendar creates a fast-paced environment. Other states do not have the same political momentum.
Senator Lummis, who is involved in federal crypto legislation, agrees with Porter. While Wyoming has made strides in digital asset regulation, she believes Utah is best positioned to launch a Bitcoin reserve first.
Several factors support this view. Utah lawmakers proposed a Bitcoin reserve in late January, and it quickly passed through committee in just over a week. This is much faster than how most states handle similar proposals.
Utah has had a digital asset task force since 2022, which helps keep crypto policy development ongoing. Despite its brief legislative sessions, this task force ensures that Utah remains ahead in crypto matters. The state’s supportive stance on cryptocurrency and its efficient regulatory framework make it an ideal candidate for a state-backed Bitcoin reserve.
With increasing support and political energy, Utah may finalize this initiative soon. This move is seen as a positive sign for Bitcoin’s future, even amid a volatile market.
